November’s (Charlottesvile MSA) Real Estate Market Wasn’t So Bad

Inventory is down (everywhere), contracts are up (broadly), sales are up (generally),

But.

– Quality inventory is still low.
– The fiscal cliff generated by the irrepressible idiots in Washington is creating uncertainty – something we don’t need.
– One month isn’t a trend, particularly as the numbers are so broadly skewed in some cases.
– As I noted yesterday, more foreclosures are needed in order to find a definable, sustainable recovery.
– Your market – whatever that is – is part of this report, but for a true understanding of whether you can sell or should buy you need to seek out and find specific advice and insight to your situation.

Related

This isn’t the only are that is recovering from the economic recession. Home prices are on the rise with an increase of 6.3% from October 2011 to October 2012 â€“ the largest increase seen since 2006. Furthermore, this number includes the prices of distressed homes (such as foreclosures and short sales). Unless something seriously unexpected happens, we can expect to see real estate market progress throughout 2013 as the housing market continues to rebound.

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About Jim Duncan

I am a Realtor/Broker/Partner with Nest Realty in Charlottesville, Virginia. The goal of this site/blog remains unchanged in the nearly 10 years since its founding – to provide clear, coherent and unbiased analysis of the Charlottesville area real estate market.

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